An Iranian Fateh-110 short-range ballistic missile targeted Kuwait’s Ali Al Salem Air Base, a key operational hub for the U.S. Air Force’s expeditionary forces in the Gulf region.

An initial report from Bloomberg News indicates that Kuwaiti air defenses intercepted the tactical ballistic missile in the last 24 hours, but falling debris struck part of the base, injuring five Americans and damaging one MQ-9 Reaper drone while severely damaging another.

About five people, including both contractors and active duty personnel, suffered minor injuries, the person said. One Reaper was destroyed and at least one other was seriously damaged. -BBG

⚠️ Bloomberg reporting the consequences of Thursday night’s Iranian ballistic missile strike on Ali Al Salem Air Base in Kuwait: Several Americans suffered minor injuries. Two MQ-9 Reaper strike drones – $30 million each – seriously damaged.

The weapon: a Fateh-110 ballistic… https://t.co/WgmB42pBU5 pic.twitter.com/3xYK4oHSHx

— The Tectonic (@thetect0nic) May 30, 2026

News of the strike on ASAB, where the 386th Air Expeditionary Wing under U.S. Air Forces Central acts as a forward logistics, airlift, and combat-power gateway for the broader CENTCOM theater, comes as the US and Iran on Friday reached a tentative memorandum of understanding to extend a ceasefire by 60 days and restart nuclear negotiations. However, the proposal still requires final approval from President Trump, according to U.S. officials cited by Fox News.

Treasury Secretary Scott Bessent also indicated yesterday that Washington is maintaining maximum leverage, saying sanctions relief will remain off the table unless Tehran reopens the Hormuz chokepoint, transfers highly enriched uranium, and accepts that it cannot maintain a nuclear program.

Meanwhile, Secretary of War Pete Hegseth attended the Shangri-La Dialogue in Singapore overnight, where he said the US military is prepared to resume strikes against Iran if negotiations over the nuclear program collapse.

.@SECWAR “We were in a cabinet meeting just a couple of days ago, and the president said—hey, it will be a great deal—and if Iran doesn’t want to make a great deal that ensures they don’t get a nuclear weapon—they can deal with the guy on my left.

That was the only time I’ve… pic.twitter.com/Int1YiuflQ

— DOW Rapid Response (@DOWResponse) May 30, 2026

“Any deal will be a good one. A great one,” Hegseth said Trump told him. “And if Iran doesn’t want to make a great deal that ensures they don’t get a nuclear weapon, they can deal with the guy on my left,” he added, referring to the War Department.

“We are more than capable,” Hegseth noted in reference to a renewed military strike against Tehran. “Our stockpiles are more than suited for that, both there and around the globe.”

Hegseth’s remarks came just hours after Trump met with officials in the White House Situation Room to discuss the next phase of negotiations with Iran.

“The Situation Room meeting has concluded and lasted approximately two hours. President Trump will only make a deal that is good for America and satisfies his red lines. Iran can never possess a nuclear weapon,” a White House official said in a statement issued late Friday.

Iran’s Foreign Ministry commented on the memorandum of understanding between the two nations, stating that nothing has been finalized yet.

News of progress toward a peace deal comes as energy experts warn of an energy cliff that could emerge as soon as next month if the Hormuz chokepoint remains closed.

It’s clear that inventories, floating storage, rerouted cargoes, emergency substitutions, and rationing have absorbed the initial shock of lost Gulf-area crude, offsetting the roughly 10 million barrels of oil that weren’t reaching their intended destinations each day. Additionally, daily headlines have pushed Brent crude futures to $91 per barrel by Friday afternoon.

But as we’ve warned, if the Hormuz chokepoint doesn’t reopen in the near term, crude oil could soon be aggressively repriced higher, as those inventories are being drained at an alarming rate.

Latest on the energy market:

UBS Warns Of “Scary” Oil Price Scenarios Once Inventory Buffers Run Dry

“Approaching Unheard Of Inventory Levels”: Exxon, Chevron Issue Apocalyptic Warning About What Happens Next To Oil

‘Tank Bottoms’ Loom At Cushing After Across-The-Board Inventory Draws, Another Huge SPR Drain

Latest Bloomberg headlines:

US Naval Blockade

The US continues its blockade of Iranian vessels, with the US Central Command attempting to stop Iranian vessels seeking to pass through the blockaded area by issuing warnings along the blockade line.

US blockade of the Strait of Hormuz is still in place as of Saturday morning.

Iranian Missile Attacks

An Iranian ballistic missile strike on Kuwait’s Ali Al Salem Air Base within the past 24 hours caused minor injuries to several Americans and seriously damaged two MQ-9 Reaper strike drones.

Kuwaiti air defenses intercepted the Fateh-110 missile, but falling debris struck the air base.

Ceasefire Negotiations

The US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss Tehran’s nuclear program, but President Trump has yet to agree to the terms.

Trump left a two-hour Situation Room meeting on Friday without deciding on the possible deal, despite earlier suggesting an agreement was near.

Defense Secretary Pete Hegseth said Saturday that the US is ready to restart attacks on Iran if a deal cannot be reached.

Strait of Hormuz Transit

Iran state TV reports that 2 ships have crossed the Strait of Hormuz in the past 24 hours.

The US affirmed that deals with Iran to sail through the Strait of Hormuz safely are prohibited, regardless of whether a payment is made.

Several vessels transiting through the Strait of Hormuz have been attacked in recent days, according to the Chevron CEO.

Qatar opposes permanent legal fees for transit through the Strait of Hormuz, but a temporary fee for mine-clearing purposes is negotiable.

Polymarket:

Strait of Hormuz traffic returns to normal by June 15?
Yes 8% · No 93%
View full market & trade on Polymarket

US x Iran permanent peace deal by June 7, 2026?
Yes 14% · No 86%
View full market & trade on Polymarket

The clock is ticking for a deal to avert an energy cliff that top energy experts warn is near.